When you are an online casino owner who wants to succeed in this business, you probably read many gambling news and check plenty of metrics to understand your casino performance better. FTD is another important characteristic that is worth taking into consideration.
Depositing is one of a crucial part of a virtual casino operation – it constitutes its revenue! Conversion rates show how many website users have completed certain actions. It helps to understand its weak points and improve its performance.
FTD meaning: how to understand first-time deposit conversion?
FTD (first-time deposit) is a conversion rate that provides information on how many users have deposited at a virtual casino. The sum is calculated according to this model: divide the total number of website visitors by the number of deposits made by newcomers.
The importance of FTD: gambling performance metrics to know
Of course, it may seem that these figures are useless, but it is not so. Statistics on first- and second-time deposits help to get the information about customer lifetime value. In other words, you will see how much profit a particular user can bring playing at a casino.
FTD conversion rate mostly depends on a channel of customer acquisition. It is needless to say that effective channels allow operators to decrease the cost of acquisition considerably. For example, some online gambling platforms run PPC campaign or optimize websites for search engines because it helps to improve the FTD metrics. Nevertheless, this type of conversion provides a clear picture of what promotion channels are more effective.
People responsible for online casino promotions check a big variety of metrics every day: gross gaming revenue, the number of wins, LTV, etc. However, the main goal isn’t to measure certain processes but to understand why their value is low (if it is). Virtual casinos should analyze customer behavior because it can bring valuable insights. For example, some cases show that users who spend more time on a website than an average player are more likely to make the first deposit there.
Another example proves that allowing users to play some games without depositing can be profitable. Marketing experts confirm that a player who wins in a game is more adhere to making the first-time deposit. That is why it is a good practice for casinos to have test products, which will help users to understand whether they want to continue playing or not. If players win these games, it increases the chances that they will want to spend money on this gambling platform.
As you can see, such metrics as first-time depositing, aren’t empty words. This analytics is a core of any gambling website because it helps to decide what tools are more effective. The sooner you will start checking FTD, the earlier you will get the desired amount of traffic and revenue. Works with analytics and conversion rates can make every virtual casino a strong competitor that always takes the lead.
How can online casinos improve first-time deposit conversion?
So, we have understood that FTD is crucial for an online casino. However, the main question here is how to optimize it when it is low? Several tips can help to improve the FTD conversion rate. Let’s consider them in more detail.
- Calculate FTD right. Many casinos use various bonus offers to attract more players, but it is better to deduct depositing based on bonuses from the total number.
- Improve user experience. Low conversion rates often show that user experience isn’t a virtual casino’s advantage. In such cases, the best solution is to analyze a website and find elements that don’t work properly. What can it be? Everything that makes a user disappointed with your service. For example, an inactive button, deadlinks, not user-friendly interface, etc. A website audit will help you to detect what problems your website has. Test digital experience of your online gambling platform from a user’s point of view.
- Don’t rely much upon call-to-action buttons. CTAs won’t bring much profit in terms of improving FTD metrics.
- Make a registration form perfect. Many experts talk about the importance of a registration form. It can influence customer acquisition greatly. Very often, thoughtless programming causes problems with the registration process. Templates aren’t always the best way to provide data. Website developers should put themselves in a user’s place and choose the easiest way for them to register. It means that a perfect registration form shouldn’t require useless information. Follow the guidelines of top-notch design practices. They include several recommendations that will make any form more customer-oriented.
- Don’t focus only on VIP players. A VIP player doesn’t always mean a loyal user. In addition to this, casinos don’t repose on this category of audience. Pay more attention to all users and optimize your services for all of them.
- Identify users that are likely to deposit. When you know your target audience, it is easier to choose tools and channels for its engagement. Again, analysis is the most useful method here. It is a good idea to create a “portrait” of a customer who makes the first-time deposit. Answer the questions: who is he or she? What makes this player different from other players? How can I reach this customer?
- Start analyzing as soon as possible. When you know the problem, it is the first step toward its solution. Make it a rule to check this metric and compare figures after a certain period.
Frequently asked questions about first-time depositing
What is FTD?
FTD is a first-time depositing – the conversion rate that shows how many users have deposited on a gambling website for the first time.
How much is a first-time deposit?
The amount of a deposit depends on a casino.
The first-time deposit conversion has a big value to a gambling company because it is an indicator that matters much. To optimize the FTD conversion rate, improve customer experience, make a registration form flawless, and implement test games on your website. These essential steps will help you to uplift the metrics and increase the number of replenished balances at your virtual casino.
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